Pages

Wednesday, 7 February 2018

New Brexit leak reveals steep costs for UK industries

Britain's retail sector could be hit by a 20% rise in costs after Brexit - while car makers could see a 13% rise in manufacturing costs outside the EU - according to the Government's own internal estimates, seen by Sky News.

The forecast impact of Brexit on every industrial sector of the economy reveals the estimated added costs to UK companies.

So-called non-tariff barriers as a result of leaving the EU have also been calculated to add as much as 16% in costs in the food, drink, defence and education sectors.

The estimates are from the same document as an earlier leak of the forecast economic impact on the UK's nations and regions.

The analysis has been prepared by Government economists for Cabinet ministers ahead of their decisions on future trading relationships with the EU, to be discussed on Thursday.

The estimated impact of Brexit on the UK's industrial sectors are what drive the eye-watering hits to growth forecast over the next decade-and-a-half in certain parts of the country.